Intel Corp. CEO Paul Otellini offered support Tuesday for President Barack Obama’s $800 billion economic recovery package during a speech at the Economic Club of Washington D.C.
“This year, we are going to see an unprecedented level of public investment in schools, bridges, roads and healthcare,” said Otellini, according to the Wall Street Journal. “It is important. It will make a difference.”
While Otellini strongly supported certain aspects of the recovery package—he lauded planned investments in classrooms, health and broadband infrastructure—but stopped short of fully endorsing the program.
The stimulus plan calls for billions to be spent on unemployment benefits, food stamps and public spending to create jobs.
Otelleni said Mr. Obama has personally “encouraged” him to publically support the stimulus package.
Otelleni also announced that Intel will embark on a $7 billion investment in U.S.-based manufacturing facilities in New Mexico, Arizona and Oregon during the next 18 to 24 months.
Otelleni said Intel’s investment during tough times will give the company a competitive advantage.
"For nations like the United States, absolutely nothing about the future is inevitable or guaranteed—not jobs, not leadership, not our standard of living," said Otellini, according to Cnet.com. "How we deal with these changes can lead us to new heights--or they will define the beginning of a downward spiral."
The two-year, $7 billion investment will go towards overhauling Intel’s chip manufacturing capabilities, generating an estimated 7,000 jobs at the factories and via contract jobs.
Otelleni also said Intel will co-sponsor a program with the Aspen Institute aimed at garnering Washington D.C.’s support for technology investment, according to the Journal.